OPEN-SOURCE SCRIPT
Custom Percent Pullback Level
This script takes a stock's current day low and current day high and lets you set a custom pullback level (line and label on the chart) that you can then set an alert for or use as an indicator if the stock is still bullish or bearish.
Pullbacks can be useful for momentum runners to identify potential continuation. As a rule of thumb many people want to see that stock hold onto at least 33% of it's daily gain to continue a bullish look. Some people may want it to hold 50%, and others may want to see a certain amount of gains held through new highs.
This tool allows you to set a custom pullback level for that day so you can easily spot on the chart if the stock is nearing or falling below those levels. You can also set an alert for that level in order to get your attention.
Pullbacks can be useful for momentum runners to identify potential continuation. As a rule of thumb many people want to see that stock hold onto at least 33% of it's daily gain to continue a bullish look. Some people may want it to hold 50%, and others may want to see a certain amount of gains held through new highs.
This tool allows you to set a custom pullback level for that day so you can easily spot on the chart if the stock is nearing or falling below those levels. You can also set an alert for that level in order to get your attention.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.